Bitcoin (BTC), the world’s largest cryptocurrency, remains under pressure following its inability to surpass $64,000 last week. Currently, Bitcoin is trading at a price of $61,605, down 1.33%, with a market capitalization of $1.213 trillion. This selling pressure is also evident in the broader cryptocurrency market, with Ethereum (ETH) price struggling to maintain above $3,000 recently. Nevertheless, there has been a resurgence in whale activity for these top two cryptocurrencies.
According to insights from on-chain data provider Santiment, as Bitcoin maintains a tight range between $61K and $64K, significant whale activity has been observed in the past 24 hours. Wallets holding between 1,000 and 10,000 BTC have collectively amassed approximately $941 million worth of coins. This accumulation trend marks a rebound to their highest holding level in the past two weeks.
CryptoQuant CEO Ki Young Ju stated that the fundamentals of the Bitcoin blockchain are strong enough to support a market cap that is three times its current size. As per him, bitcoin could easily sustain a price of $265K.
According to an analysis by Rekt Capital, as Bitcoin continues to consolidate within the range of its current price and $70,000 following the Halving event, the cycle is anticipated to decelerate. This deceleration is likely to realign the current cycle with the historically recurring Halving Cycle, potentially leading to a Bull Market peak around mid-September to October 2025.
According to insights from on-chain data provider Lookonchain, a significant investor holding a long position in Ethereum ($ETH) recently withdrew 6,030 ETH (equivalent to $18.09 million) from the exchange Binance. This withdrawal follows a pattern of accumulation, with the whale acquiring a total of 10,758 ETH (valued at $32.14 million) from Binance since May 2.
The investor then converted the ETH to staked Ethereum ($stETH) and deposited it into the decentralized lending platform Aave. Subsequently, they borrowed $28.5 million worth of stablecoins from Aave to reinvest in acquiring more Ethereum.
As of press time, the Ethereum price is trading just under $3,000. If ETH fails to hold these levels, we could see further price correction all the way to $2,700.
Goldman Sachs' latest disclosure shows that the bank has dramatically changed its crypto investment portfolio.…
Crypto ETF issuer Bitwise has committed to holding HYPE on its balance sheet by deploying…
Tom Lee's Bitmine has continued its aggressive bets on Ethereum, as evidenced by the recent…
Iran has reportedly launched a Bitcoin-backed insurance service dubbed 'Hormuz Safe' for companies looking to…
Michael Saylor has announced yet another Bitcoin purchase for Strategy. In the latest acquisition, the…
BlackRock, the world's largest asset manager with $14 trillion AUM, has continued to acquire crypto-related…